Sun Valley Gold LLC: Control and Direction Over Common Shares of Belo Sun Mining Corp.

SUN VALLEY, IDAHO--(Marketwired - March 23, 2016) - Sun Valley Gold LLC ("Sun Valley") announced today that it has acquired control and direction over an aggregate of 11,000,000 common shares ("Common Shares") of Belo Sun Mining Corp. ("Belo Sun") on behalf of client accounts, including Sun Valley Gold Master Fund, Ltd. (the "Master Fund"), over which it has discretionary trading authority. The Common Shares were acquired pursuant to a private placement on March 21, 2016 for a purchase price of $0.53 per share.

Following completion of the acquisition described above, Sun Valley exercises control and direction over an aggregate of 69,651,681 Common Shares for and on behalf of client accounts, representing approximately 18.19% of the issued and outstanding Common Shares. The Master Fund beneficially owns 43,941,634 Common Shares, representing approximately 11.48% of the issued and outstanding Common Shares.

The securities of Belo Sun were acquired for investment purposes. Sun Valley and the Master Fund may increase or decrease their ownership of securities of Belo Sun depending upon future market conditions.

FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY SUN VALLEY UNDER APPLICABLE SECURITIES LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW.